Banks Refusing to Release Funds. Anyone besides me find this confusing?

Sgt David G Duchesneau — Tue, 17 Nov 2015 09:15:49 -0500

By Cindy Glover, MoneyWise 411 staff writer

Americans are reporting problems with taking their own money out of U.S. banks.

Disturbing stories have been trickling in from around the country – different banks, different tellers, different amounts – but the same runaround.

Customers trying to withdraw sums as low as $2,000 have been stalled, denied their money, or even threatened with legal action…

What’s going on?
Patricia F. was treated like a criminal for trying to take out $5,000 from her account at a major national bank.

She was told that the bank considers anything over $1,500 suspicious, and her withdrawal would be reported to the federal government. “Afterward, I received several notices regarding structured money laundering, pointing out the high fines and jail times involved,” she said.

There is something seriously wrong when you can't even have access to your own money. Are we carrying this shit too far or what?

Response by Capt Private RallyPoint Member made Nov 17 at 2015 9:25 AM

Capt Private RallyPoint Member — Tue, 17 Nov 2015 09:25:30 -0500

Once again the thinking that we must have a catch all that must include everyone comes into play. It is good that we take time to assure that people are not doing things that support our enemies.

Was she treated like a criminal or just being checked? If anyone thinks that older innocent people can not be used to hide what is really happening they are wrong.

Like it? NO. But I would like it less if $5000 went from her account to support ISIS.

Response by SGT Nia Chiaraluce made Nov 17 at 2015 9:27 AM

SGT Nia Chiaraluce — Tue, 17 Nov 2015 09:27:22 -0500

I personally have not experienced this. Recently had to withdraw over that amount for a certified check. I would be appalled if I was ever subjected to that kind of treatment. Personally if it wouldn't flag the IRS which I understand in anything over $9,999.99, then the banks should stay out of it; it's our money.

Response by MSgt James Mullis made Nov 17 at 2015 9:52 AM

MSgt James Mullis — Tue, 17 Nov 2015 09:52:39 -0500

The banks are only following US banking regulations by reporting large withdrawals. I've never had a problem getting a cashier's check, or making a bank transfer regardless of the size. The problem comes when someone shows up and wants to make a large cash withdrawal on the spot. Most banks carry just enough cash on hand to fulfill the regular day's small business requests, check cashing, and ATM needs. For large amounts of cash you need to make an appointment and the bank will have the cash brought in from a regional bank. Banks will warn customers about known scams and I can see them asking an elderly person if they are sure about an unusual cash withdrawal. I've read quite a few stories where adult children show up to visit their elderly parent, discover that someone has convinced the parent to hand over their entire savings, then try to sue the bank for letting it happen.

Response by 1SG Private RallyPoint Member made Nov 17 at 2015 10:00 AM

1SG Private RallyPoint Member — Tue, 17 Nov 2015 10:00:27 -0500

I think that what you are observing anecdotally is a second order effect of federal policy. In the name of combatting money laundering, and other illegal activity, the feds emplace policies and regulations requiring banks to report large withdrawals. This results in natural friction to a large withdrawal, even for routine reasons, because nobody likes paperwork. Come back on a different day, when we have cash on hand. Or make an appointment tomorrow (when I won't be working). Hell, we see the same thing in the military.